Founded in Sydney in 1838 by Welsh immigrant David Jones, the upscale retailer describes itself as the world's oldest continuously operating department store. (EPA Images pic)SYDNEY: Australia's 188-year-old department store chain, David Jones, was placed into voluntary administration on Thursday, as rising costs, sluggish retail sales and supply chain pressures weighed on its business.
David Jones stores will continue to operate under the control of FTI Consulting, the appointed receivers, while the firm reviews current operations.
McGrathNicol has been appointed as voluntary administrators.
"A transaction process seeking offers for a recapitalisation of the business or a sale as a going concern will commence immediately, and will be managed by McGrathNicol," FTI Consulting and McGrathNicol said in a joint statement.
